Fibra Danhos Model Update: Industrial Projects Drive Estimate Revisions; Maintain Neutral

研报英文原文证据摘录

Fibra Danhos Model Update: Industrial Projects Drive Estimate Revisions; Maintain Neutral

J P M O R G A N Latin America Equity Research

22 May 2026

Fibra Danhos Neutral

DANHOS13.MX, DANHOS13 MM

Model Update: Industrial Projects Drive Estimate Price (21 May 26):Ps27.06

Revisions; Maintain Neutral Price Target (Dec-26):Ps31.00

We are raising our 26e Rev/NOI/EBITDA estimates and now see growth of LatAm Real Estate

AC+5%/+6%/+7%. This reflects two key adjustments: first, the inclusion of Adrian E Huerta

industrial properties added (Cuautitlán I and Palomas Building 1) totaling ~260k (52-81) 8152-8720

sqm at full occupancy, and second, the incorporation of the three greenfield adrian.huerta@jpmorgan.com

industrial projects – with our estimates assuming: Palomas Building 2 (~$40mn J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

capex), Palomas Building 3 (~$69mn capex), and EdoMex III Buildings 1 & 2

Felipe Barragan Sanchez

(~$63mn capex), all underwritten at a 12.5% YoC. The greenfield projects, (52-55) 5283-1666

scheduled for delivery in 4Q26, have full income contribution beginning in 1Q27 felipe.barragan@jpmorgan.com

in our model, driving the more meaningful revisions to 27e Rev/EBITDA, J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

implying growth of +9%/+10%. We note upside risk: Palomas Building 2 is

already 72.5% complete and could begin contributing rent within 4Q rather than Marcelo Motta

(55-11) 4950-6712

our base-case 1Q27 start. On margins, as the portfolio mix continues to shift toward marcelo.g.motta@jpmorgan.com

industrial – now 17.5% of operating GLA versus null two years ago— we expect Banco J.P. Morgan S.A.

NOI margins to expand, with EBITDA margins following suit. Our revised Jonathan S. Koutras